CONFERENCE CALL
9M 2013 Results

14.11.2013

9M 2013
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

SHOPPING CENTERS

Retail turnover 9M 2013*
% change

rent-to-sales
ratio in...
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

SHOPPING CENTERS

Disposal of Galeria Dominikanska, Wroclaw/Poland
 Sale o...
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

FINANCIALS

Key Figures 9M 2013
01.01.-30.09.2013

01.01.-30.09.2012

Chang...
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

FINANCIALS

Balance Sheet 9M 2013
30.09.2013

31.12.2012

Change

3,254,634...
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

FINANCIALS

Profit and Loss Account 9M 2013
01.01 –
30.09.2013

01.01 –
30....
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

FINANCIALS

Revenue Bridge 9M 2013
€m

+20.0

+1.2 = +1%

138.2

Increase i...
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

FINANCIALS

Net Finance Cost Bridge 9M 2013
€m
9M 2012

Interest
expense

P...
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

FINANCIALS

EBT Bridge 9M 2013
€m
+12.3 = +17%

93.7

+15.7
71.0

-5.3

* i...
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

FINANCIALS

Profit Bridge 9M 2013
€m

+15.8 = +30%

77.2

+15.7
49.9

-4.2
...
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

FINANCIALS

Forecast
REVENUE
€m

Equity method

190.0

+11%

+13%

186-1891...
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

APPENDIX

Key Data of the Share
Listed since
Nominal capital
Outstanding sh...
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

APPENDIX

Financial Calendar
2013

2014

13.11.

Interim report 9M 2013

19...
14.11.2013

CONFERENCE CALL | 9M 2013 RESULTS

APPENDIX

Contact
Deutsche EuroShop AG
Investor & Public Relations
Heegbarg...
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Deutsche EuroShop - Conference Call Presentation - Nine-month report 2013

  1. 1. CONFERENCE CALL 9M 2013 Results 14.11.2013 9M 2013
  2. 2. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS SHOPPING CENTERS Retail turnover 9M 2013* % change rent-to-sales ratio in % % of sales % of space Department stores 1.1 5.9 8.3 14.2 Food 0.6 6.9 9.5 6.4 -1.8 11.8 28.6 37.3 0.8 13.5 5.8 6.9 -1.1 8.9 4.1 5.0 3.1 7.1 11.1 6.0 General Retail -1.8 9.7 11.7 11.0 Electronics -0.1 2.8 12.2 7.6 ** compares to a turnover development of +1.7% of the overall German retail Services 6.5 4.6 4.6 1.6 *** Totals may include differences due to rounding Food catering 0.2 13.0 4.1 4.0 +0.1 8.7 100.0 100.0 Retail sector Fashion textiles Shoes & leather goods Sports Health & Beauty Total*** * German centers on a like-for-like basis  like-for-like retail turnover development: Germany +0.1%, abroad +2.6% DES-Portfolio overall: +0.4%  absolute retail turnover development: Germany -0.1%**, abroad +3.9% DES-Portfolio overall: +0.4% 2
  3. 3. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS SHOPPING CENTERS Disposal of Galeria Dominikanska, Wroclaw/Poland  Sale of shares (Ilwro Sp.zo.o.) with effect 31 August 2013  Acquisition price 2003: €15.4 million  Realized capital gain: €18.4 million thereof 2013: €15.7 million 2004: €2.7 million 3
  4. 4. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS FINANCIALS Key Figures 9M 2013 01.01.-30.09.2013 01.01.-30.09.2012 Change Revenue 138.2 117.0 18% Net operating income 124.5 104.5 19% EBIT 120.5 101.0 19% Net finance costs -20.0 -27.2 19% Valuation result -6.8 -2.7 -148% EBT 93.7 71.0 32% Consolidated profit 77.2 49.9 55% FFO per share 1.58 1.34 18% EPRA Earnings per share 1.25 1.00 25% € million * 30.09.2013 31.12.2012 Change equity* 1,534.6 1,528.4 0% Financial liabilities 1,509.0 1,357.7 11% 269.9 273.2 -1% Total assets 3,313.6 3,159.3 5% Net financial liabilities 1,457,3 1,199.6 21% 46,3% 48.4% 45% 40% incl. non controlling interests € million Total Other debt (incl. Deferred taxes) Equity ratio* LTV ratio 4
  5. 5. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS FINANCIALS Balance Sheet 9M 2013 30.09.2013 31.12.2012 Change 3,254,634 2,991,979 262,655 58,927 167,339 -108,412 Total assets 3,313,561 3,159,318 154,243 Group equity 1,327,322 1,321,914 5,408 207,295 206,510 785 Total equity 1,534,617 1,528,424 6,193 Financial liabilities 1,509,014 1,357,729 151,285 197,039 180,525 16,514 72,891 92,640 -19,749 3,313,561 3,159,318 154,243 in € thousand Non-current assets Current assets Non controlling interest Deferred tax liabilities Other liabilities Total equity and liabilities 5
  6. 6. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS FINANCIALS Profit and Loss Account 9M 2013 01.01 – 30.09.2013 01.01 – 30.09.2012 Change Revenue 138,192 116,973 18% Property operating and management costs -13,648 -12,473 Net operating income 124,544 104,500 Other operating income 611 932 -4,654 -4,446 EBIT 120,501 100,986 Net interest expense -42,354 -38,633 Profit/loss attributable to limited partners -11,870 -10,749 26 0 Income from investments 16,635 0 Share of profits or losses of associates and joint ventures accounted for using the equity method 17,522 22,134 -20,041 -27,248 Measurement gains/losses -6,784 -2,741 EBT 93,676 70,997 -16,465 -21,059 77,211 49,938 in € thousand Corporate costs Disposal of Investments Net finance costs Taxes Consolidated profit 19% 19% -26% 32% 55% 6
  7. 7. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS FINANCIALS Revenue Bridge 9M 2013 €m +20.0 +1.2 = +1% 138.2 Increase in rents 9M 2013 117.0 9M 2012 Herold-Center, Altmarkt-Galerie 7
  8. 8. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS FINANCIALS Net Finance Cost Bridge 9M 2013 €m 9M 2012 Interest expense Profit Minority Equity Capital gain distribution Ilwro profitshare consolidation Ilwro +0.9 9M 2013 -20,0 -27.2 -3.7 -1.1 -4.6 +15.7 8
  9. 9. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS FINANCIALS EBT Bridge 9M 2013 €m +12.3 = +17% 93.7 +15.7 71.0 -5.3 * incl. at equity 9M 2012 Valuation result* Capital gain Ilwro Increase 9M 2013 9
  10. 10. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS FINANCIALS Profit Bridge 9M 2013 €m +15.8 = +30% 77.2 +15.7 49.9 -4.2 9M 2012 Valuation result Capital gain Ilwro Increase EPRA Earnings 9M 2013 10
  11. 11. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS FINANCIALS Forecast REVENUE €m Equity method 190.0 +11% +13% 186-1891) +32% 175-1781) 162-1651) 157.11) 144,2 127,6 115,3 152-1551) +19% EBIT €m Equity method 165.7 110,7 98,1 +13% 132.31) 124.0 +12% +34% +24% 1) EBT BEFORE VALUATION 2) €m 3) 130-132 63,9 54,9 +13% 1 117-120 94.9 86,6 48,7 Equity method Compound Annual Growth Rate (CAGR) 2008-2013 incl. dilution +16% 2 +36% 3 +11% 4 +38% 5 6 CAGR2): +22% 7 FFO PER SHARE €m 2.06-2.09 1,38 1.40 +1% 1.40 +0% +15% 2.03-2.07 1.66 1.61 +4% +25% CAGR2)3): +9% 2008 2009 2010 2011 2012 2013 2014 11
  12. 12. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS APPENDIX Key Data of the Share Listed since Nominal capital Outstanding shares Class of shares Dividend 2012 (21.06.2013) 02.01.2001 €53,945,536.00 53,945,536 Registered shares €1.20 52W High €34.55 52W Low €29.27 Share price (12.11.2013) €31.94 Market capitalisation avg. turnover per day last 12 months (XETRA) Indices Official market OTC market ISIN Ticker Market maker €1.72 billion 112,300 shares MDAX, EPRA, GPR, MSCI Small Cap, EURO STOXX, STOXX Europe 600 Prime Standard Frankfurt and XETRA Berlin-Bremen, Dusseldorf, Hamburg, Hanover, Munich and Stuttgart DE 000 748 020 4 DEQ, Reuters: DEQGn.DE Close Brothers Seydler 12
  13. 13. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS APPENDIX Financial Calendar 2013 2014 13.11. Interim report 9M 2013 19.11. DZ BANK Equity Conference, Frankfurt 15.01. J.P. Morgan European Real Estate CEO Conference, London 21.11. Roadshow Paris, M.M. Warburg 22.01. Kepler Cheuvreux European Corporate Conference, Frankfurt 28.11. Bankhaus Lampe Hamburg Investment Conference, Hamburg 27.03. Bank of America Merrill Lynch Real Estate Conference, London 25.04. Publication of the Annual Report 2013 14.05. Interim report Q1 2014 18.06. Annual General Meeting, Hamburg 12.08. Interim report H1 2014 13.11. Nine-month report 2014 09.-10.01. Oddo Midcap Forum, Lyon 13
  14. 14. 14.11.2013 CONFERENCE CALL | 9M 2013 RESULTS APPENDIX Contact Deutsche EuroShop AG Investor & Public Relations Heegbarg 36 22391 Hamburg Tel. +49 (40) 41 35 79 - 20 / -22 Fax +49 (40) 41 35 79 – 29 E-Mail: ir@deutsche-euroshop.com Web: www.deutsche-euroshop.com ir-mall.com facebook.com/euroshop flickr.com/desag slideshare.net/desag twitter.com/des_ag youtube.com/DeutscheEuroShop Claus-Matthias Böge Chief Executive Officer Olaf G. Borkers Chief Financial Officer Important Notice: Forward-Looking Statements Statements in this presentation relating to future status or circumstances, including statements regarding management’s plans and objectives for future operations, sales and earnings figures, are forward-looking statements of goals and expectations based on estimates, assumptions and the anticipated effects of future events on current and developing circumstances and do not necessarily predict future results. Patrick Kiss Head of Investor & Public Relations Many factors could cause the actual results to be materiallydifferent from those that may be expressed or implied bysuch statements. Deutsche EuroShop does not intend to update these forward-looking statements and does not assume any obligation to do so. Nicolas Lissner Manager Investor & Public Relations 14
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